Quote from Dr Abdul Raman Saad, partner & founder of ARSA Lawyers.
“I would like to draw attention to the use of terminology in our industry. In Europe, especially in Germany, they do not use the term ‘Islamic finance’ or ‘Islamic banking’. Instead, they use ‘Shariah finance’ and ‘Shariah banking’.Following the 11th September tragedy, the term ‘Islam’ sometimes gives people the wrong impression. The term ‘Shariah’, however, is more neutral and could appeal to a wider consumer base. I recommend that we ponder on this and apply the term ‘Shariah finance’ instead of ‘Islamic finance’. Shariah has a more universal meaning and thus could embrace both Muslims and non-Muslims.”
Some people would disagree and ask why are we so afraid of the name Islam? I personally prefer the name Shariah Finance/Banking not because I’m afraid of the name Islam but like Dr Abdul Raman, I’m for a brand name which is acceptable to all. After all, IBF is for all regardless of religious or political belief. However, at the moment, Shariah based finance and banking is globally known as IBF, so in the name of uniformity, I shall refer to it as Islamic Banking and Finance, for now.
